Adamis Pharmaceuticals Corporation concludes merger with DMK Pharmaceuticals Corporation and Ebrahim Versi appointed as CEO
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a commercial-stage biopharmaceutical company, has finalized its merger with DMK Pharmaceuticals Corporation. This development marks a milestone for Adamis as it aims to boost sales of its existing commercial products and advance DMK's lead clinical stage compound, DPI-125, which holds promise as a groundbreaking treatment for opioid use disorder (OUD). Ebrahim Versi, the former CEO of DMK, has been appointed as the CEO of Adamis and Chairman of the Board of Directors.
In a statement, Dr. Ebrahim Versi expressed his enthusiasm about the merger and the potential impact the combined company can make in addressing the opioid crisis. Dr. Versi highlighted the urgent need to save and improve the lives of individuals struggling with OUD. He emphasized ZIMHI as Adamis' flagship product, showcasing its potential to effectively counter fentanyl overdoses. Dr. Versi also outlined the goal of leveraging DPI-125, a first-in-class compound, not only for treating OUD patients but also as a powerful analgesic that could potentially prevent opioid use altogether. With the global opioid market exceeding $22 billion in 2021, Dr. Versi sees a promising future for the company, backed by their diverse portfolio of novel compounds.
Prior to the merger's completion, Adamis implemented a 1-for-70 reverse stock split of all issued and outstanding shares of common stock on May 22, 2023. The reverse stock split proportionately adjusted outstanding options, restricted stock unit awards, and warrants. Following the merger, Adamis issued common stock and Series E Convertible Preferred Stock to former DMK shareholders. Considering the reverse stock split, the company now has approximately 2,662,632 outstanding shares of common stock, excluding options, RSUs, warrants, and convertible securities.
With the merger, Dr. Versi assumed the roles of CEO and Chairman of the Board, driving the company's strategic direction. David J. Marguglio, previously the Chief Executive Officer of Adamis, transitioned to the position of President and Chief Operating Officer in the combined company. The Board of Directors welcomed Dr. Versi and Jannine Versi, a DMK board member, who joined pre-merger Adamis directors Howard C. Birndorf, Meera J. Desai, PhD, and Vickie Reed to form the new Board of the combined company. In connection with the merger's closing, Richard C. Williams, Adamis Chairman, and Mr. Marguglio stepped down from their prior director roles.
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